HomeMy WebLinkAbout0455 7. If any of tht ~um~ of fnon~y h~rtin ntarnd to M not ~romplly ~nd fuily p~id within rhirty l30) d~yi naxt •(~tr ~h~ ~~rn~ ~tv~r~tly b~tott~ du•
, ~nd piy~bl~, ar i( each +nd ~v~ry th~ ~tipul~tion~. pritm~nh. cat~irion~, ~~d cov~n~~n of Nid ~?ior~i~wry nui~ ~nd thil mo?tqpt, a ~itA~r, u~ not duty
p~rlorm~d, complitd wi~li"~nd abid*d by, th~ pprtp~t• wm rtwntion~d In t~Fd promi~wry notc thell beco~r•~ cw and pay~bl~ fotthwiih or th~r~~ttsr th~
cption Of Ih~ Mortg~ya. iully snd tompl~t~ly ~t (t ~aid pqrty~t~ wr++ of er,on~y w~a ori9tn~ily ~tipuliMd Io ba Pa{d o~ .wd~ d~y, u+ythtny in t~id
promiuory oo~• or h~rsin to the con?r~ry notwith~t~nclinp. ' .
To dilivtr to ~aid Morty~9~~, on ar b~fon Much lstl+ ot ~~h y~a, t~x natpt~ wid~n:k+9 ~h. p~ym~o~ cf e!I 1~`wfvlfy Impoqd Ux~~ fo~ rh~
pnce~diny~ t~l~r,d~r j~u. 1o dtli+t~ to ~aid kortpiyN, riuipt~ wtd~nctnp M• p+~ymtnl of ~11 litn~ ior pubitt imp,~v~mtnh with!~ nin~ty (90) d~y~ ~ft~r
tfio ~~es~ ~h~ll b~toms du• ~nd pay~bl~ snd to p~y or dixMrp~ wi~M nintry (90) d~y~ ett~r dv~ d~~~. ~ny '~nd ~tl pcvunrn~ntei liiv~~~ th~~ r.?ay M
m~d~ on rh~ m6~i~~psd property, on thi~ morty~p~ or not~, or In tny oil»r w~y r~tul~inp lrom th~ Nbrlpi~~ indobt~dn~a 1s?wnd bv +hl~ morlpp~j ~nd if
t~+it eonditlon b~ ~ot eompli~d wi~h and p~rf~rm~d, N(d rtwrtppM rryy p~y ~ueh wn~ or wm~'whitA th~p b~tortN p~rt of th~ d~bl NeerW Sy th(~ rtwrtpsQ~,
~nd ~hall be~r IMtr~U at tn~ ~arrN r~t~ •e iM moHyp~ nott, p~y~bb Hmt•~nnwliy vntil p~id or Nld Nlo~tp~Q~t rt?~y ol~ti th~t ~+td m.w~qc d~M
, th~n~pon ~com~ dw and p:y~bl~ forthwith.
9. It i~ fvrth~• !ovtn~nt~d and prNd by ~aid puti~~ t'h~t'tn tM w~nt Qf • wit Miny fn~~itvted tp fortcloa thi~ mottQrp~, tfia Mottp~pa~ ~MII ~
b~ fntltltd te spply a1 any tim~ p~nd'u+y suth (orttlowh wlt fo tM court hsviny ~vri~dictro~~therwf for tM sppointment of • nc~hr~r of ~II Md tiinpulu
~h~ mortya9td prope~ly, and 01 ~N tAf Mttif~ incort+e~, profi», iuu~~ M~ fWSnv~f th~rrbf, frnm K~h~norwr ~a.rt~ d~rivsdl ~nd tMrwpon It U Mrsby
•¦p+~s~ly coven~nfed tnd ~yrced th:t tM eourt ~h~ll iorthwith appolnt • nc~iva of Nid rt1pf1Q~ld pfOPlfty~ ~li and iinpula?, and of wch nnN, i~co~+«.
pro+its, iswa ~nd ravenve th~rwf, fiom wh~tsosvtr wutt~ dtriv~el, witfi th~ uwd powen i~+d dv~~es of roceiven in like cncsj ~nd wth i~ppointm~nt ~hall b~
mada Ly ~uch to~,rt ~s ~ matt~r of iltitl riqhf to th~ MOrty~qes, iq tucte~sori, Isy~l repressntttives or asli9ns, ind wit!q~~ ~~fft~nq 1p 1M ~dlqvKy or Itt~
~deqviry of th+ v~lut of th~ prop~rry her~by morty~d, or b tM solv~ncy or insolv~ncy of rh• MortyaQor, and Ma1 ~uch r~n1, profib, tne~r+e, iau~~
~.~?d rev+~nu~s ~h~11 be applitd by ivch rsc~~v~~ ~o rh. p.r~na+r of rh. morlyage indcbredneie, co~ts and cha~Qs~, •ctordinq to ~M ord~~ of wch oovn.
1C. Upan any defavlt under the mortgag~ nots or tM mongage,a~ thr oQtion of the hotde~ of tM mo~tgage rx;te th~ ~+npiid balar~te of tM
mortgage note and any •dvances m+de ur?drr if, ot the matg~ge, togeteter w,tn int~res?, sMlt Decome dve •nd pay+bN, tin+e lxir?,~ ot the euenca of
lhis co~t~act. Anr w~ivsr af any payment ve+ckr the not~ or mort~ge at any time iluN not, ~t any othe~ liir.e, be taken to b~ a waiver of tM ts~mi of tM
note w mwtgage, ~nd tM ~ttsp~nte of paymcnl; v~on ~id indtbrednes~ sha~l not conititute ~ waiwv of tM option of tM ht,ldtr of the not~ to ~t:eleraN ~ .
~ rspaym~~st of the entire unpi~d brlu+c~, ~nle~s the holdsr expnssty q~ants ~uch w~;ver in writing.
11. tf oll or ony porf d tM prop~rfy or o~ inl~rnf tMr~in k ~old or hQnsf~rnt! by wort~popor witlavt e~o~tyoOM't p~ia rvriM~u oon~t ~xdudin~
~ (o) ~t» crwtion of o Ike or ~PCUn~bronu wbordi:ate to t6b wort9oy~, (b) a rrmsf~r br d~.~., disNnt at br vp~ratipn oi low Mpoe tM d~otl~ _Ol o(olnt
t~nont, or, (c) 1M ycant of onr l~osehoW int+orat o( thrN l3) rwn.or (a~ rtot-coetaieinp on o~tioe fo purcMose, isoAqvOa ~ay o1 wor}~o~N't optwn.
d~dar~ oll suiws secvr• by this nw~t9oqc to b~ in~wedioMly dut oed payoWs. Mo~tpoyN sholl hor~ woired svch optien oca?kroN onlr N, pr'wt tv tiw
sol~ o? hm~fsr, maHpo~ and ~M p~non rv whon~ rh. Prop.rry h ro b~ sold or trcni(~rr~d rtoch aprs~wwnt in writin9 tfiof wch p~non is a quoliff~d
borrowe~ ro th~ wtislottion of eaortyap~a *x~rci~d in ib wt~ dixr~tiow oed tAot ony wodifieotioni of Nrna of th~ a~o~tyop~ (oon ai or~ nquir~d br
iewrfyoyM in ih rolw and obwlvfs dixretSon which ~odifitoYwm woy ind~ witlwW limitofion t5+s rola d int~tat parobb on !1» svea ~+cut~d by tM
mo.tyoq~ lo o rot~ os rpvyhd by nwrtyopN hav~ b~ar oprMd ~pon. ~ r -
If moApoq~e •aercises such opYwn Io occ~IKOh, nrortpoyN sboll moil sa~oQor notic~ of «cd~rotia~ by d~posiHn~ ~o3d 4~tt~? in tfi~ Unit~d StatK
_ nwif, posto9+ prtpoid, ro tht (ollowin9 oddreu: . ; , -
S~ch n~As~ sholl prorid* a p~riod of nof lttt Hwn thirfy (30) days frow th~ doh tht aotic~ is mciled, within whicA nw?tpoqor aay pe/ tM ws d~dor~d
due. If mortyopor fails ta~ pay ~uch suen p~ar ro tiN ~xpirar'ron of i~ch p+riod, tb~ Ican sholl be in d~fo~rlt ond awrlpoqN nwy, nrithout furtMr nofic~
o:-dsnwad on a~ortpo9or, im~k~ oer nmtd~~ as pro~id~d for Mrtin vpoe tiw ~wnt of ri~fovlt. '
Any woir~r o( aey parmeM vndtr tM noN or narlyo~~ ot oey ti~ sl~oll nof, at ony oth~r tiw, b~ token to M o woir~r oi fM 9~net of tiN not~
or morf0ose, o~ the occ~pronee of poy~nh upon soid ind~bMdnw iholl not eonatituM o waiw~ of th~ option of tM nco~tyop~ to ocnl~rotr tAs i.~-
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d~b~t~daas~ oa prorid~d~for~Mrsin. _ • , ~ . ~ -
• 1~• If a conveyan:e should be made by the moitgaqor of ?he prem~ses herein described, or any pa?t the?cof, and should the grantee or any svbre-
quent grantce under said conveyarce, who has assumed the martgage snd indebtedness, be in defavlt by vutue af a breach of any of 4he pr.~vtsians _
of this mortgage or the p~ovisions of ~ny ass~mpticn aqrrement with the mo~tgegee, svhether or not said sssvmption igrecmenf modifies 1he ferms of
Nu mortgage and indcbtedness, then and therefae, the morigagor hereby consenti to assumption and the provisionti o! any auvmp~lon agreement vrith
the mortgagce, +nd to any.modifications of the terms ar provisioni of the mortgtge and indebtedness eccasioned 6y said aswmption agrsemenT and does
further here6y graM the morlgages fhe right to 9nnt extensions of time to stid gnntee witho~t notifitatio~ of, without the tvnsent of, ~nd witFovt affect-
ing ti~e I~ability of the w+g7nal mortgago~, •o~ any svbsequent morty~gs>r. . -
13. When any amount of mane~ 1o be pa:d by the mortgagor to t1~e mortgsgee ~nder tl~e terms hereof sAall be in default, or shovld the mo?Lgagor
- default in any of the other terms, provisions or cond~t~ons of this mortgage, then in that tase tAe mortgagee sh~ll have the riqhl, witnovt notice to the
morgagor, to coltec~ snd receYe from sny tenant or leixe of said mwtga9ed prem~ses rhe.rcnts, iss~+es and profits of tF+e resl estate hereby mo~tgaged
and the improvement therco~, and to give proper rece7pri ~nd acqvitt~nces therefo~, aiter paying all commiuions of ~ny rental agent collecting ths same,
snd any rcasonabte anorneyi fees and other rxcessary expenscs incvYrcd ir. collecting same, to ~ppfy tfie pro:eeds vf s~xi~ coltectia? up~x~ any indebted-
r+css, oblcgstion a lub:l~ty. oi the mertgagw txre~x?der. TF.e righ~ granted ti+e mortgagee vnder thii p~rsgrapli shalLbe in sdditien to. ~nd shstl not limit
w restrict, any other right or rights grsMtd the mortgagee in fAis mortgage. ~
1~. ThN in the ~vsnt tM pcemiiai ne~eby mortpyed, or any pan thereof, shaQ be ~ondemned and tskm fpr p~rblK use under the power af eminent _
domain, the Nb?t9+9ee ~I+all hare the ripht to d~m~nd thaf ~II dam~e~ iwarded for the taking o( or damages to taid ptr~mises thall be paid to tfi~ -
Mortq~sa ~p to rhe smovnt thon unpaid on thii riarfgaQe and at th~ opYan of the Mortgagce may b~ •pplicd upon the payrtxnb (ast payable thenon.
15. Th~ mortyagor binds h~mself not to erect or pzrmit to bt trsctcd ~ny new bvild~nya on the prem~us herein mortyayed or to ~dd to or ~ertnit
to bf ~dded to ~ny of the existing improvements the?wn ar mak~ ~ny than~es or •Iterationa in s~id improvemmnts avfiich materially char.ge the same or the -
uss ther~of, wi~Yaut rhe written tonsent of tha Mortpaqt~, ~n~ in rh~ evsnt of •ny violatton or attempt to viol~rs this. st+p~l~Ywn tfiii mortfl~ ~nd ~fl
wmt itcvr~d hersby shall ~mmediatsly bttome dw snd collettible tt tM oQtion of tfie MortqaQee. ~
1~. It ~pec~fic~lly egreed th~t timt is oi th~ tssenc~ of this contr~cF aad th~t no wrver of ~ny oblig~rior~ heraunder ar o'f th~ obl~~t~an iecvred
Mrtby ~f+~ll e1 ~ny ti~ne bt FrP!d to b~ a waiver of th~ »rms hereof or of the instrument ucured hersby. _
17. If f4rsrlne.,r~ ptOCl~din~i of any secar~d ma~tg+g~ or ucenci trus t deed or any jun;or lian of sey k~nd shtwld b~ initituted, tha Moriyagee m~y,
•t irs cption, immedi~tdy cr ~here~iter dtd~rs tki• mortpa~e and_tM indebt~d~e~s :ecvred hereby dve md pay~tlt forthwith, ~ed may al its option procead
to foreclote th:s monyaga ' ~ - : - ' -
18. To the extent of ~hr ir+deEtednest of th• Monyyor to fhe * detct:~~ herei~ or secured hereby the Mortg~gse is Fereby :ubrogated fo
. rhe lien or I~ens and to the righss of th~ owrers sid holders thsreo}~Of`• h~i++d every mortgage lien or other ir.cvmbrante on tM lend dttcrebed herein
whitfi i~ paid ~nd/or s+tisficd in wMle or in psrt out of th~ ptotesd: of ths ban destr~be~ heroin or sec~red hersby, and !?.e rcspecfivs liens of ssid
mortpptf, litns or orher incumbrinces sh~ll be ~nd tM iame N±d e~cl+ of them hFreby is preservtd and shal) pass to and be htld by tha Mwty~gce herein
, , ~s secvrity for the indebsedness to the MoMgayst henin ,*Wi~ w F»re6y secvred, to rhe s~me extsnt th~t it warld have b~en prtserved w~d woutd
hare been p~s~ed to.and been he{d by the Morty~ge* hac~ it 6~en ~ly fyubrly ~uiqned, tr~mterred; set over and delivered vnro sM 1Vb»yaQse by
~eparttt drsd of ~ssi9nnxm notwithsNnd:ry the fat that the sartw~n»y~ ~atisfi~d and.tancclled of record, it bsiny th~ irtention cf th~ pa~KEcs hEreto _
- tM~ tM ~ame wi(I be :~risfied and cancelled ot record by tM holders tfiereoi at or stiout tF~e tirP+~ of the recordiny of_tha rtiort9aqt.
` i4. To pay ill a~d s~ngvlu tne tosss, d?arges ~nd txpentst, mcluding Iswyers fees.f reasonsbty ir+cvrred or p~id at rny tim~ by_tM AAortya~:r. ' -
; - becaux of the fa~l~re of ~he Mcrtgagor to perfcrm, tor.~ply weth aod al+ide by eKh ~nd svtry the stipu!ati~ns, sgie~ement~, condit,oni, arid cevenanti oi said
` pcanissory note and thi: deed, or either, and every cvch p~ymr:~h shaif besr irAerFst from date sr the same rate as tfis m~xtg~4a ~iote- `
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- IN WITt~ESS WHCREt7f, rhe ~a~d Mot~yaQor Mrevnto sets his hard ~nd seal th~~ tM d~y and ye~r ftnt ~bow wrrtf~r+. . .
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~ .~tgRCt~. 1l~~lf~~ ifK~ C~C~IY!f!d . . . ~
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~ ~n tF+e prnenc~ of: Hughes
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